why don't we do -- >> the problem is we have a surplus of politics and deficit of intelligence when it comes to this. germans and fins and a number of others feel they have to tell very uninformed electorate that they are being tough. we have to extract some blood. they don't understand that this is a two pointed sword. by trying to extract blood from greeks sand cypriots they are inflicting enormous pain. $500 billion worth of capitalization around the world wiped out. >> as moronic as this plan was, we've heard there are not a lot of options. >> there are options. >> first of all, they should be putting in place the equivalent of the fdic. when we close a failed bank in the united states, we go in on a friday with fdic and occ. it's all hush hush. you close the bank. you move the depositors money into a good bank and you don't lose faith in the banking system. >> don't they need 27 countries to put that in their charter? >> this is what europe was moving toward. this is what was recognized this past summer and this is why -- >> we knew it would take time. >> this throws that out the